Analysis: Leveraged crypto assets take a heavy hit, Strategy-related ETFs down over 80% this year

Odaily, The Kobeissi Letter posted an analysis on X platform stating that leveraged crypto assets have taken a heavy hit, with leveraged long ETFs linked to Strategy experiencing a significant downturn. The 2x leveraged products MSTX and MSTU have both fallen over 82% this year, hitting their lowest levels since their listing in 2024. Another leveraged product, MSTP, has also dropped approximately 81% since its listing in June 2025.

During the same period, Strategy's stock price has fallen about 46% this year, dropping to its lowest point since February 2024. Since their launch in 2024, the overall losses for long/short leveraged ETFs tied to Strategy have exceeded 90%. The analysis suggests that the leverage effect is significantly amplifying the downside risk of crypto-related assets.